30 Elite Shareholders Defining Ownership on the Mauritius Stock Exchange Market

A definitive new ranking of the 30 wealthiest individual shareholders on the Mauritius Stock Exchange (SEM) has been released, highlighting the concentrated power of a small group of cornerstone investors in the island’s most prominent listed groups.

The report, published by Billionaires.Africa, identifies the leading equity holders across the SEM’s flagship companies, including ER Group, CIEL, IBL, and Beachcomber.

Unlike general wealth assessments, this league table focuses exclusively on listed equity value, providing a rare window into the scale of insider ownership within the nation’s largest conglomerates.

A Market of Owners

The findings underscore a distinct characteristic of the Mauritian financial landscape. While global exchanges often thrive on high-frequency, day-to-day trading, the SEM remains a market driven by ownership.

The tone of the exchange is set by a select group of legacy and modern platforms spanning several key sectors:

• Conglomerates and Financial Services
• Telecommunications
• Hospitality and Tourism
• Land-rich Legacy Groups

The report notes that many of these traditional groups have successfully reinvented themselves as “modern investment platforms,” maintaining their relevance in a shifting economic climate.

Uneven Momentum

The 2026 rankings emerge following a volatile period for the Mauritian market. After reaching a peak in early 2025, the SEMDEX cooled significantly. Investors have become increasingly selective, carefully weighing “tourism-linked exposure” and scrutinising earnings visibility before committing capital.

Despite this softer momentum, the report suggests that Mauritius remains a resilient frontier market. This is attributed to its “concentrated shareholding” structure, where long-established groups are steered by price-sensitive insiders who retain significant stakes in their enterprises.

The Valuation Framework

The rankings are based on SEMDEX closing prices from the Daily Market Report dated 30 January 2026.

To ensure precision, the researchers applied several strict constraints:

• Equity Focus: Figures reflect only listed holdings and do not represent the total net worth of the individuals.
• Exclusions: Private assets and unlisted investment vehicles were omitted from the calculations.
• Currency: All valuations were converted using an exchange rate of MUR 45.86 to 1 US dollar.

To provide a deeper understanding of the individuals shaping the Mauritius Stock Exchange, here is an elaborated profile of each name on the 2026 wealth list. These details highlight their professional trajectories, the legacy of their family groups, and their strategic influence on the Mauritian economy.

As requested, all monetary values remain in Mauritian Rupees (MUR).

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1. Marie Hector Espitalier-Noël

• Portfolio: MUR 1,398.7m ($30.5m) | Entity: ER Group (14%)
• Background: Often referred to as “Hector,” he is a pillar of Mauritian business. He led the ENL Group as CEO for decades before retiring in June 2023. In 2025, the government awarded him the GOSK (Grand Officer of the Order of the Star and the Key of the Indian Ocean) for his economic contributions. He now serves as the Chairman of ER Group, the entity formed from the historic merger of ENL and Rogers.

2. Gilbert Espitalier-Noël

• Portfolio: MUR 1,196.9m ($26.1m) | Entity: ER Group (12.2%)
• Background: An INSEAD MBA alumnus, Gilbert is the Group CEO of ER Group. He previously served as the CEO of New Mauritius Hotels (Beachcomber) and ENL Property. He is a central figure in “Moka Smart City” developments and has presided over the Mauritius Chamber of Commerce and Industry (MCCI).

3. Guillaume Pierre Dalais

• Portfolio: MUR 1,192.4m ($26m) | Entity: CIEL (8.4%)
• Background: Appointed Group Chief Executive of CIEL on 1 July 2024. A Chartered Accountant by training, his career within the CIEL ecosystem spans over a decade, with previous leadership roles in the group’s textile and property divisions. He is the son of Arnaud Dalais, the former long-term chairman.

4. Marie Joseph Lagesse

• Portfolio: MUR 1,096.1m ($23.9m) | Entity: IBL (5.73%)
• Background: A significant figure within the Lagesse family, which controls much of IBL Ltd. He is a non-executive director with a background in economics and statistics. His influence extends through various board seats, including Lux Island Resorts and Phoenix Beverages.

5. Timothy Taylor

• Portfolio: MUR 935.5m ($20.4m) | Entity: CIM Financial Services (8.5%)
• Background: A veteran executive who led Rogers & Co as CEO from 1999 to 2006. Beyond his 8.5% stake in CIM, he is the Chairman of Scott & Co and has been a prominent advocate for corporate governance and environmental conservation in Mauritius.

6. Pierre De Spéville

• Portfolio: MUR 839.2m ($18.3m) | Entity: Medine (12.8%)
• Background: A major individual shareholder in Medine Ltd, one of the island’s oldest land-owning companies. His stake represents the significant influence of legacy families in the transformation of sugar estates into high-end real estate and educational hubs.

7. Jean-Pierre Dalais

• Portfolio: MUR 834.7m ($18.2m) | Entity: CIEL (5.78%)
• Background: On 1 July 2025, he succeeded Arnaud Dalais as the Chairman of CIEL Group. Having served as Group CEO from 2017 to 2024, he is credited with driving CIEL’s international expansion, particularly in healthcare (C-Care) and hospitality across the Indian Ocean and Africa.

8. Hugues Lagesse

• Portfolio: MUR 743.0m ($16.2m) | Entity: IBL (3.81%)
• Background: The CEO of BlueLife Ltd, the real estate developer behind the Azuri Ocean & Golf Village. He is a Harvard Business School alumnus and a non-executive director at IBL Ltd, representing the next generation of leadership in the Lagesse family.

9. Arnaud Lagesse

• Portfolio: MUR 564.1m ($12.3m) | Entity: IBL (2.89%)
• Background: The current Group CEO of IBL Ltd. He was the primary architect of the massive 2016 merger that created the current IBL structure, making it the largest business group in Mauritius (excluding banking). He is known for his “bottom-up” approach to conglomerate management.

10. Pierre Roland Lagesse

• Portfolio: MUR 554.9m ($12.1m) | Entity: IBL (2.86%)
• Background: An alternate director at IBL Ltd and a discreet but powerful investor. His position reflects the multi-layered ownership structure common in Mauritian conglomerates where family members hold individual stakes alongside institutional vehicles.

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11. Thierry Lagesse

• Portfolio: MUR 550.3m ($12m) | Entity: IBL (2.84%)
• Background: A longtime entrepreneur and influential boardroom figure. He has held numerous directorships across the SEM, particularly in companies tied to the IBL and GML networks.

12. Joseph Couacaud

• Portfolio: MUR 467.8m ($10.2m) | Entity: New Mauritius Hotels (6.35%)
• Background: A non-executive director at New Mauritius Hotels (Beachcomber). His family has a long history with the group, which is the island’s flagship luxury hotel operator.

13. Colin Taylor

• Portfolio: MUR 463.2m ($10.1m) | Entity: CIM Financial Services (4.2%)
• Background: Part of the Taylor family cluster that holds a significant “family block” in CIM. His involvement is characterized by long-term strategic interest rather than passive investment.

14. Philip Taylor

• Portfolio: MUR 463.2m ($10.1m) | Entity: CIM Financial Services (4.2%)
• Background: Holding an identical stake to Colin Taylor, Philip is a former Rogers executive who now runs his own hospitality technology firm. His stake reinforces the Taylor family’s collective control in the financial sector.

15. Azim Currimjee

• Portfolio: MUR 462.7m ($10.09m) | Entity: Emtel (4.59%)
• Background: A member of the Currimjee Jeewanjee dynasty, which has operated in Mauritius since 1884. He is a key figure in the group’s telecoms arm, Emtel, which was the first mobile operator in the Southern Hemisphere.

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16. Jan Fredrik Louis Boullé

• Portfolio: MUR 454.0m ($9.9m) | Entity: IBL (2.33%)
• Background: The Non-Executive Chairman of IBL Ltd. An “Ingénieur Statisticien Economiste,” he spent over 30 years with the Constance Group before taking his current role in 2016.

17. Marc de Lacharrière

• Portfolio: MUR 426.5m ($9.3m) | Entity: CIEL (2.96%)
• Background: A rare foreign billionaire on the list. The French businessman and founder of Fimalac has been a long-term strategic investor in CIEL, providing a bridge between Mauritian and European capital.

18. Raymond Dalais

• Portfolio: MUR 330.2m ($7.2m) | Entity: CIEL (2.29%)
• Background: A non-executive director at CIEL with deep roots in private equity. His career has focused on the financial structuring of the group’s diversified interests.

19. Josiane Rey

• Portfolio: MUR 325.6m ($7.1m) | Entity: BMH (13%)
• Background: One of the most significant individual female investors on the SEM, holding a massive 13% stake in BMH Ltd, the holding company for many of the island’s luxury hospitality assets.

20. Xavier Thieblin

• Portfolio: MUR 316.4m ($6.9m) | Entity: CIEL (2.18%)
• Background: A consistent name on CIEL’s insider register, representing the group’s loyal, long-term investor base.

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21. Georgina Rogers

• Portfolio: MUR 293.5m ($6.4m) | Entity: BMH (11.6%)
• Background: Her stake in BMH ties her to the Rogers and hospitality-linked ownership circle that has dominated the tourism sector for decades.

22. Anil Currimjee

• Portfolio: MUR 293.5m ($6.4m) | Entity: Emtel (2.87%)
• Background: Managing Director of Currimjee Jeewanjee & Co, he oversees the family’s vast interests in telecoms, energy, and real estate.

23. Armelle Sim

• Portfolio: MUR 266.0m ($5.8m) | Entity: Terra Mauricia (6.26%)
• Background: A major shareholder in Terra Mauricia, a group historically rooted in sugar that has successfully diversified into energy and property development.

24. Marie Maxime Espitalier-Noël

• Portfolio: MUR 256.8m ($5.6m) | Entity: New Mauritius Hotels (3.47%)
• Background: Part of the broader Espitalier-Noël network, specifically focused on the “Beachcomber” hotel assets.

25. Nicole Vallet

• Portfolio: MUR 188.0m ($4.1m) | Entity: BMH (7.38%)
• Background: A substantial individual owner in the hospitality holding company BMH, representing the private wealth concentrated around the island’s flagship resorts.

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26. Matthew Taylor

• Portfolio: MUR 183.4m ($4.0m) | Entity: CIM Financial Services (1.65%)
• Background: CEO of Scott & Co and a non-executive director at CIM. He represents the third generation of the Taylor family’s corporate involvement.

27. Marie Edouard Espitalier-Noël

• Portfolio: MUR 151.3m ($3.3m) | Entity: New Mauritius Hotels (2.0%)
• Background: A legacy shareholder whose stake dates back to the early days of the Mauritian tourism boom.

28. Marc Christian Dalais

• Portfolio: MUR 133.0m ($2.9m) | Entity: CIEL (0.90%)
• Background: A member of the Dalais family group, contributing to the family’s collective control over the CIEL investment platform.

29. Louis de Chasteauneuf

• Portfolio: MUR 110.1m ($2.4m) | Entity: CIEL (0.74%)
• Background: An executive-aligned holder whose stake in CIEL reflects his long-term alignment with the group’s strategic direction.

30. Anna Mallac Sim

• Portfolio: MUR 91.7m ($2.0m) | Entity: Terra Mauricia (2.09%)
• Background: Her stake in Terra Mauricia is a typical “quiet” long-term holding characteristic of the island’s land-and-estate investment landscape.

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The 2026 wealth rankings illuminate the enduring concentration of capital within a select cadre of established corporate dynasties.

Source: Billionaires Africa